Attention Lenders:
In response to Lender requests for simplification of the Down Payment Assistance (DPA) disclosure process, NJHMFA will be requiring a new “Truth-In-Lending” (TIL) Statement to replace the currently required DPA Closing Disclosure (CD) and Loan Estimate (LE) documents. Providing both an Initial and Final Truth-In-Lending (TIL) Statement while also disclosing the funds on the LE and CD for the purchase money mortgage will satisfy the compliance and disclosure standards for the NJHMFA DPA products.
This new process will take effect on June 1, 2019 for all loans originated on or after this date.
A fillable version of the TIL Statement form is currently available on the Lender’s Resource Page, referenced below, to begin using immediately. Please keep in mind that all loans originated on or after June 1, 2019 must utilize the new TIL.
After June 1, 2019, the separate CD and LE will no longer be accepted documentation for disclosing NJHMFA DPA loans.
If for any reason you are unable to comply with the above process change timeline, please email
SFLenders@njhmfa.gov
to discuss any issues and possible solutions.
If system constraints will prohibit you from implementing this form by June 1, 2019 please send an email to
SFLenders@njhmfa.gov.
